T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, May 14, 2008, Vol. 9, No. 95 Headlines A U S T R I A BIODIESEL ENNS: Claims Registration Period Ends June 17 DETEKTIVAGENTUR POECHHACKER: Claims Registration Ends May 27 RKM PERSONALVERMITTLUNG: Claims Registration Period Ends June 2 SECRET GARDEN: Claims Registration Period Ends May 19 B U L G A R I A KREMIKOVTZI AD: Court Orders Appointment of Administrators D E N M A R K KOPPERS HOLDINGS: March 31 Balance Sheet Upside-Down by US$7.6MM F I N L A N D GRAHAM PACKAGING: March 31 Balance Sheet Upside-Down by US$771MM F R A N C E DELPHI CORP: Seeks to Raise Loan by US$254MM Amid Market Support G E R M A N Y ACCIO KRANKENPFLEGETEAM: Claims Registration Ends June 2 B & B BAUTREUHAND: Claims Registration Ends June 2 BOHA BAU: Claims Registration Period Ends May 28 BARTL BILDER: Claims Registration Period Ends June 2 BEST OF BASIC: Claims Registration Period Ends June 2 BSK GMBH: Claims Registration Period Ends May 27 BUERO - INFORMATIONSTECHNIK: Claims Period Ends June 2 CAI WETTSCHERECK: Claims Registration Period Ends June 2 DMS MIMM: Claims Registration Period Ends June 2 DNZ CONSULTING: Claims Registration Period Ends June 2 FALKEN STUCK: Claims Registration Ends June 2 FITBODIES GMBH: Claims Registration Period Ends May 30 FORM PLUS: Claims Registration Period Ends May 30 FRESENIUS SE: S&P Keeps BB Rating; Revises Outlook to Positive G.U.T. GESELLSCHAFT: Claims Registration Period Ends May 30 HME GMBH: Claims Registration Period Ends May 30 MEDIA SERVICE: Claims Registration Period Ends May 30 MEISTERBETRIEB HOFMANN: Claims Registration Period Ends May 31 ROTONDA BUSINESS-CLUB: Claims Registration Period Ends May 24 SCHNEIDER BAU: Claims Registration Ends June 1 SPIELAUTOMATEN KLEIN: Claims Registration Ends June 1 VTS SCHLAUCHTECHNIK: Claims Registration Ends May 20 I R E L A N D AGCERT INTERNATIONAL: Inks Rescue Deal with AES Corporation C.L.E.A.R. PLC: S&P Lowers and Withdraws Ratings on Notes EIRLES TWO : Fitch Junks Ratings on Four Notes Series PALMER SQUARE: Moody's May Further Cut Junk Rating After Review I T A L Y SEAT PAGINE: Reports EUR65.3 Million Net Loss for Q1 2008 TISCALI SPA: Receives Bids from Seven Firms; Drops Carphone TISCALI SPA: Reports EUR37.5 Net Loss in 1st Quarter of 2008 TISCALI SPA: Shareholders Appoint New Board of Directors K A Z A K H S T A N AES CORP: Kazakhstan Units Get Default Waiver Through June 30 ALEM INFO: Creditors Must File Claims by June 17 ATBASY LLP: Claims Deadline Slated for June 13 EVRAZYISKIYE NOVYE: Claims Filing Period Ends June 13 FARVATER OJSC: Creditors' Claims Due on June 18 MAKSAN TRANS: Claims Registration Ends June 13 MALAZGIRT LLP: Creditors Must File Claims by June 17 SHYGYS-MUNAI LLP: Claims Deadline Slated for June 18 STELLA & E: Claims Filing Period Ends June 13 STROY EXPRESS-2030: Creditors' Claims Due on June 18 K Y R G Y Z S T A N ASIA STROY: Creditors Must File Claims by June 13 DASTAN SECURITIES: Claims Filing Period Ends June 13 L U X E M B O U R G ELECTRONIC DATA: Sells Assets to HP for US$13.9 Billion HANESBRANDS INC: Earns US$36 Million in Quarter Ended March 29 HANESBRANDS INC: S&P Lifts Corporate Credit Rating to BB- HANESBRANDS INC: Avis Budget CEO Elected to Board of Directors N E T H E R L A N D S AES CORPORATION: Earns US$233 Million in Quarter Ended March 31 AES CORPORATION: To Write Off AgCert’s EUR20 Million Debt CLASSIC I (NETHERLANDS): Moody's Junks Rating on Class A2 Notes IMAX CORPORATION: March 31 Balance Sheet Upside-Down by US$95MM IMAX CORP: Inks Fifth Amendment to Wachovia Capital Loan Pact IMAX CORPORATION: Closes Private Placement Deal with Douglas R U S S I A ALESKEEVSKAYA OJSC: Creditors Must File Claims by June 26 ALTTRAK-SCIENTIFIC–TECHNICAL: Claims Filing Period Ends May 26 KUBAN LLC: Creditors Must File Claims by May 26 MARSHALL HOLDINGS: Madsen Expresses Going Concern Doubt MEAT-PACKING PLANT: Asset Sale Slated for May 29 MEDIA-GRAD LLC: Creditors Must File Claims by May 26 NAZAROVSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by May 26 NOVOLIPETSK STEEL: Earns RUR7.4 Billion for First Quarter 2008 PROMSVYAZBANK: Positive Developments Cue Moody's to Lift Ratings SIBIRTELECOM OAO: Sees Sales Tripled by 2012 on Internet Biz SISTEMA-HALS OJSC: Liquidity Concerns Cue Fitch's Neg. Outlook SITRONICS JSC: Maxim Zhukov Named Acting Chief Financial Officer TOMSK OBLAST: S&P Puts B+ Long-Term Credit Rating VITYAZ LLC: Creditors Must File Claims by May 26 VOLGA-INKOR CJSC: Creditors Must File Claims by May 26 S P A I N SANTANDER FINANCIACION 1: S&P Puts BB Rating on Watch Negative SANTANDER FINANCIACION 3: Moody's Junks Rating on EUR22MM Notes S W I T Z E R L A N D BERCHTOLD SYSTEMS: Creditors' Liquidation Claims Due by May 15 FAGUS JSC: Creditors Must File Proofs of Claims by May 15 INTEROFEN JSC: Proofs of Claim Filing Deadline is May 15 MLC MEDICAL: June 17 Deadline Set for Filing Proofs of Claim REDPOINT SOFTWARE: Zug Court Commences Bankruptcy Proceedings REPDI JSC: Creditors Have Until May 15 to File Proofs of Claim RUTTI + RUTTI: Creditors' Liquidation Claims Due by May 15 STENIL JSC: Zug Court Commences Bankruptcy Proceedings U K R A I N E ARMINVEST LLC: Proofs of Claim Deadline Set May 22 D-ZOOM LLC: Proofs of Claim Deadline Set May 23 EUROCOM CJSC: Proofs of Claim Deadline Set May 22 GENERAL COMPANY: Creditors Must File Claims by May 21 IVANITSA LLC: Proofs of Claim Deadline Set May 23 PHARMACY1 TEKT-PLUS: Proofs of Claim Deadline Set May 22 SMACHNY KRAY: Proofs of Claim Deadline Set May 23 SPECAGRO-XXI LLC: Proofs of Claim Deadline Set May 22 SVAROG LLC: Proofs of Claim Deadline Set May 23 VITRO LLC: Proofs of Claim Deadline Set May 22 VOLKOL LLC: Proofs of Claim Deadline Set May 22 U N I T E D K I N G D O M ABITIBIBOWATER INC: Posts US$248 Million Net Loss in 1Q 2008 ARGON CAPITAL: Fitch Keeps Neg. Watch on Series 63's Ratings ARTISAN GST: Brings In Joint Administrators from Deloitte AVIATION SUPPORT: Appoints Dilip K. Dattani as Liquidator BAA LIMITED: Confirms British Airways' June Move to Terminal 5 BARWELL TRAVEL: Appoints Administrators from Menzies BATEMANS LTD: Taps Joint Administrators from BDO Stoy BIBA INTERNATIONAL: Names Administrators from Grant Thornton BJF LASERS: Appoints Moore Stephens to Administer Assets BRITISH AIRWAYS: Confirms June Move to Terminal Five CHRIS EVERILL: Brings In Liquidators from Tenon Recovery CLEAR CHANNEL: Revenues Up 4% to US$1.6 Billion in 1st Qtr. 2008 CORBY BOTTLERS: Creditors' Meeting Slated for May 23 DARLINGTON WINES: Creditors' Meeting Slated for May 23 DENKALE LTD: Appoints Baker Tilly as Joint Administrators D.J. LITT: Cash Flow Problems Prompt Administration DURA AUTOMOTIVE: U.S. Court Confirms Chapter 11 Plan GLOBAL TIMBER: Taps Liquidators from Tenon Recovery ISHARES JPMORGAN: Moody's Assigns Ba2/MR5 Fund Ratings LTC HAULIERS: Brings In Administrators from Begbies Traynor N-TSAR PORTFOLIO: Fitch Junks Ratings on All CDS Classes NORTHERN ROCK: Business Plan Shows Solid Progress PUBLICAN LTD: Hires Liquidators from Moore Stephens REVIEW COMPANY: Calls In Liquidators from Tenon Recovery SAGA INVESTMENT: Moody's Cuts Ratings on Four Note Classes SBS COMMERCIAL: Three Former Directors Buy Assets SEA CONTAINERS: Wants Court to Approve SCL and GECC Global Pact SIRF CAPITAL 3: Fitch Keeps B Ratings on Watch Negative TOPWOOD BUILDINGS: Claims Filing Period Ends June 16 UKRAINE AUTO: Fitch Rates US$18.7 million Class B Notes at B UKRAINE AUTO: Moody's Rates US$18.7 Mln Class B Notes at (P)Ba3 * PKF Says Companies In Administration and Receivership Rise ********* ============= A U S T R I A ============= BIODIESEL ENNS: Claims Registration Period Ends June 17 ------------------------------------------------------- Creditors owed money by LLC Biodiesel Enns & Co KG (FN 262083t) have until June 17, 2008, to file written proofs of claim to court-appointed estate administrator Guenther Grassner at: Dr. Guenther Grassner c/o Dr. Norbert Mooseder Suedtirolerstrasse 4-6 4020 Linz Austria Tel: 0732/77 08 15 Fax: 770816 E-mail: lawfirm@gltp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on July 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Enns, Austria, the Debtor declared bankruptcy on April 16, 2008 (Bankr. Case No. 14 S 26/08h). Norbert Mooseder represents Dr. Grassner in the bankruptcy proceedings. DETEKTIVAGENTUR POECHHACKER: Claims Registration Ends May 27 ------------------------------------------------------------ Creditors owed money by LLC Detektivagentur Poechhacker (FN 91821g) have until May 27, 2008, to file written proofs of claim to court-appointed estate administrator Guenther Hoedl at: Dr. Guenther Hoedl c/o Dr. Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55 33 E-mail: Hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 10, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 16, 2008 (Bankr. Case No. 6 S 53/08y). Andrea Simma represents Dr. Hoedl in the bankruptcy proceedings. RKM PERSONALVERMITTLUNG: Claims Registration Period Ends June 2 --------------------------------------------------------------- Creditors owed money by KG RKM Personalvermittlung Koeck-Mayer (FN 276931b) have until June 2, 2008, to file written proofs of claim to court-appointed estate administrator Petra Diwok at: Mag. Petra Diwok Landstrasser Hauptstrasse 34 1030 Vienna Austria Tel: 713 80 57, 713 80 58 Fax: 713 07 76 E-mail: diwok@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on June 16, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 16, 2008 (Bankr. Case No. 3 S 39/08t). SECRET GARDEN: Claims Registration Period Ends May 19 ----------------------------------------------------- Creditors owed money by LLC Secret Garden Promotion (FN 266443d) have until May 19, 2008, to file written proofs of claim to court-appointed estate administrator Andrea Eisner at: Mag. Andrea Eisner Brunnenplatz 5c 7210 Mattersburg Austria Tel: 02626/62665 Fax: 02626/63141 E-mail: office@ra-eisner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on June 2, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Eisenstadt, Austria, the Debtor declared bankruptcy on April 16, 2008 (Bankr. Case No. 26 S 31/08y). =============== B U L G A R I A =============== KREMIKOVTZI AD: Court Orders Appointment of Administrators ---------------------------------------------------------- A Bulgarian court on April 30, 2008, appointed administrators at Kremikovtzi AD in relation with the steel mill's deteriorating financial position, published reports say. According to the reports, Peshtoremont AD and several smaller companies, owed around BGN3 million, filed an insolvency petition against Kremikovtzi in an attempt to recover debts. Judge Daniela Marcheva disclosed that Kremikovtzi's current liquidity ratio was 1.2, whereas the industry average was 2. Kremikovtzi can appeal the court ruling by May 14, 2008, reports say. The court will disclose its final decision on the insolvency petition on June 17, 2008. Any disposal of Kremikovtzi's assets will need the approval of the two appointed administrators before the said date, Dnevnik a.m relates. Headquartered in Sofia, Bulgaria, Kremikovtzi AD -- http://www.kremikovtzi.com/-- is a single-site steel producer in Bulgaria that reported BGN896 million in revenues in 2006. It explores and produces iron and ore fields. At Jan. 31, 2008, the mill has BGN1.01 billion in total debts. ============= D E N M A R K ============= KOPPERS HOLDINGS: March 31 Balance Sheet Upside-Down by US$7.6MM --------------------------------------------------------------- Koppers Holdings Inc. reported results for its fiscal 2008 first quarter. At March 31, 2008, the company's consolidated balance sheet showed US$700.0 million in total assets, US$697.6 million in total liabilities, and US$10.0 million in minority interest, resulting in a US$7.6 million total stockholders' deficit. Net income for the first quarter of 2008 increased to US$13.2 million as compared to US$10.5 million in the prior year quarter. Net income for the quarter benefited from higher volumes and prices for Carbon Materials & Chemicals, which more than offset lower volumes for crossties and utility poles. The company's sales for the quarter ended March 31, 2008, increased 13.0%, or US$39.0 million, to US$348.0 million, as compared to US$30.09 million for the prior year quarter. This increase was a result of higher sales in the Carbon Materials & Chemicals segment, which increased 28.0%, or US$52.0 million. The increase in this segment was due mainly to increased pricing for most product lines as a result of higher raw material costs, higher oil prices, higher foreign currency exchange rates, and higher carbon materials volumes due to strong product demand. Sales for Railroad & Utility Products decreased 10.0%, or US$13.0 million, due primarily to lower volumes of railroad crossties and utility poles. Management believes the reduction in railroad crossties is due partly to an effort by some of the Class 1 railroads to reduce inventories, and expects demand to improve in the third quarter. EBITDA for the quarter ended March 31, 2008, was US$39.2 million compared to EBITDA of US$35.6 million in the prior year. T Commenting on the quarter, president and chief executive officer Walter W. Turner said, "The first quarter exceeded our expectations, reflecting strong pricing and product demand for the global carbon materials and chemicals business. The lower demand in our railroad business is expected to improve in the third quarter. "Looking ahead, we are optimistic about 2009 as we anticipate the completion of construction of our existing joint venture expansion project and our new joint venture in China, both of which we anticipate coming on-line by the end of 2008. We continue to benefit from strong demand within our key end markets for aluminum, rubber and concrete, as well as our focus on enhancing cash flow and our strict adherence to safety, health and environmental regulations." Guidance Mr. Turner continued, "I am very pleased that our first quarter's results exceeded expectations and fully expect that strength to continue through 2008 and into 2009; however, based on the seasonality of our business I would like to get further into the second quarter before we modify our annual guidance to more accurately reflect our expectations for 2008. Therefore, we are not adjusting our 2008 guidance for sales growth from between 5.0% and 8.0%, an increase in adjusted EBITDA from 6.0% to 9.0% and an improvement in earnings per share of between 10.0% and 13.0%." Liquidity As of March 31, 2008, the company had US$82.9 million of unused revolving credit availability under the company's senior secured credit facility, which provides for a revolving credit facility of up to US$125.0 million and term loans of US$28.6 million at variable rates. The company's estimated liquidity was US$108.1 million at March 31, 2008. The company's estimated liquidity was US$116.3 million at Dec. 31, 2007. The decrease in estimated liquidity from that date is primarily due to a reduction in cash and cash equivalents. On Feb. 6, 2008, the company's board of directors approved a common stock repurchase program. This program allows for the repurchase of up to US$75.0 million of common stock from time to time in the open market. The program is scheduled to expire in February 2010. As of March 31, 2008, no repurchases have been made under this program. Full-text copies of the company's consolidated financial statements for the quarter ended March 31, 2008, are available for free at http://researcharchives.com/t/s?2bd1 About Koppers Holdings Koppers Holdings Inc. (NYSE: KOP) -- http://www.koppers.com/-- with corporate headquarters and a research center in Pittsburgh, Pa., is a global integrated producer of carbon compounds and treated wood products. Including its joint ventures, Koppers operates facilities in the United States, United Kingdom, Denmark, Australia, and China. ============= F I N L A N D ============= GRAHAM PACKAGING: March 31 Balance Sheet Upside-Down by US$771MM ---------------------------------------------------------------- Graham Packaging Holdings Company's consolidated balance sheet at March 31, 2008, showed US$2.3 billion in total assets and US$3.0 billion in total liabilities, resulting in a US$771.5 million total partners' deficit. The company reported net income of US$3.8 million for the first quarter ended March 31, 2008, compared with a net loss of US$15.6 million in the corresponding period last year. Net sales for the three months ended March 31, 2008, increased US$47.6 million, or 7.7%, to US$669.4 million from US$621.8 million for the three months ended March 31, 2007. The increase in sales was primarily due to an increase in resin costs which are passed through to customers and the positive impact of changes in exchange rates, offset by lower volume and price reductions in response to competitive pressure. Gross profit for the three months ended March 31, 2008, increased US$12.9 million to US$93.1 million from US$80.2 million for the three months ended March 31, 2007. The increase in gross profit was primarily attributable to ongoing expense reduction initiatives, lower depreciation expense of US$4.8 million, a weakening of the dollar against the euro and other currencies of US$2.5 million and lower project startup costs of US$600,000, partially offset by price reductions in response to competitive pressure. Selling, general and administrative expenses for the three months ended March 31, 2008, decreased US$2.2 million to US$33.0 million from US$35.2 million for the three months ended March 31, 2007. Interest expense decreased US$5.1 million to US$50.8 million for the three months ended March 31, 2008, from US$55.9 million for the three months ended March 31, 2007. The decrease was primarily related to the write-off in 2007 of US$4.5 million of deferred financing fees in connection with the March 30, 2007 amendment to the company's credit agreement. Income tax provision increased US$3.2 million to US$6.4 million for the three months ended March 31, 2008, from US$3.2 million for the three months ended March 31, 2007. Liquidity and Capital Resources At March 31, 2008, the company's total indebtedness was US$2.5 billion. At March 31, 2008, availability under the company's US$250.0 million revolving credit, which expires on Oct. 7, 2010, was US$239.1 million. As of March 31, 2008, the company was in compliance with the financial ratios and tests specified in the credit agreement with is lenders. Full-text copies of the company's consolidated financial statements for the quarter ended March 31, 2008, are available for free at http://researcharchives.com/t/s?2bcc About Graham Packaging Based in York, Pa., Graham Packaging Holdings Company, the parent company of Graham Packaging Company L.P. -- http://www.grahampackaging.com/-- is engaged in the design, manufacture and sale of customized blow molded plastic containers for the branded food and beverage, household, automotive lubricants and personal care/specialty product categories. The Blackstone Group, an investment firm, is the majority owner of Graham Packaging Holdings Company. As of Dec. 31, 2007, the company has one on-site plant in Argentina, three on-site plants in Brazil and one off-site plant in each of Argentina, Brazil and Venezuela. In Mexico, the company has three off-site plants and two on-site plants. In Europe, Graham Packaging has on-site plants in each of Belgium, France, Hungary, the Netherlands, Poland, Spain and Turkey and seven off-site plants in Finland, France, the Netherlands, Poland, Turkey and the United Kingdom. The company also has one off-site facility located near Toronto, Canada to service Canadian and northern U.S. customers. =========== F R A N C E =========== DELPHI CORP: Seeks to Raise Loan by US$254MM Amid Market Support ---------------------------------------------------------------- Delphi Corp. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to: (a) increase the size of the Tranche C term loan by approximately US$254 million, (b) complete any necessary related documentation and transactions, and (c) pay fees in connection therewith. The Hon. Robert Drain on, April 30, 2008, authorized the Debtors to enter into an amendment and restatement of the First Amended and Restated DIP Credit Agreement. Among other things, the amendment extended the maturity of the DIP Facility to Dec. 31, 2008 and reconfigured the size of the first priority revolving loan and the first priority term loan. At the time of the April 30 hearing, the Debtors anticipated that: -- the Tranche A of the DIP Facility would consist of a first priority revolving credit facility of up to US$1 billion; -- Tranche B would consist of a first priority term loan of up to US$600 million, and -- The principal amount of the second priority term loan of approximately US$2.5 billion under Tranche C would remain unchanged. As the syndication effort proceeded, investor interest in participating in the Debtors' DIP Facility proved to be significantly stronger than previously expected, John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, tells the Court. "Indeed, interest in the Debtors' DIP Facility was so high that it resulted in an oversubscription for the Tranche A, Tranche B, and Tranche C amounts that the Debtors anticipated borrowing." As a result, the Debtors and the DIP Lenders, according to Mr. Butler, were able to make use of the opportunity afforded by the market support to make several improvements to the structure of the Second DIP Extension: (i) The Debtors increased the amount of availability under the Tranche A revolving credit facility to US$1.1 billion and decreased the amount of the Tranche B term loan to US$500 million. The Debtors anticipate the shift between the Tranche A and Tranche B borrowings will save several hundred thousand dollars in interest expense per month. The amendments to Tranche A and Tranche B are substantially consistent with the terms of the form of Second Amended and Restated DIP Credit Agreement. (ii) As a result of greater market interest, the Debtors were able to increase the principal amount of the Tranche C Loan by approximately US$254 million. The Second Amended and Restated Credit Agreement, including the revisions to Tranche A and Tranche B as well as the existing Tranche C, became effective on May 9, 2008. The increase in the principal amount of the Tranche C Term Loan of approximately US$254 million remains subject to the Court's approval and therefore has not yet become effective. Mr. Butler explains that upsizing the Tranche C term loan will supply additional liquidity for the Debtors without negatively affecting the pricing terms or other benefits of the financing for which the Debtors sought approval from this Court in April 2008. Although the upsizing will result in incrementally higher interest expense (related solely to the contemplated additional principal amount under the Tranche C term loan), the Debtors believe that during this period of unprecedented financial market volatility and uncertainty in the economy and the automotive industry, the additional liquidity requested is of substantial value to them. As of May 9, 2008,the Debtors have borrowed US$2,496,000,000 under the Tranche C term loan. Pending the Court's approval of the loan increase, the Debtors anticipate borrowing an additional amount equal to approximately US$254 million under the Tranche C term loan on June 9, 2008. The Debtors will be obligated to pay certain fees with respect to the increase of the Tranche C loan. Specifically, the Debtors will be required to pay the lenders an upfront fee of 2% of the additional US$254 million. In addition, the US$254 million will also accrue a "ticking fee" equal to 262.5 basis points from the May 9, 2008, effective date of the DIP Facility through the funding date, on a daily basis. About Delphi Corp. Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for Chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Nov. 30, 2007, the Debtors' balance sheet showed US$11,528,000,000 in total assets and $24,867,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News, Issue No. 128; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= G E R M A N Y ============= ACCIO KRANKENPFLEGETEAM: Claims Registration Ends June 2 -------------------------------------------------------- Creditors of Accio Krankenpflegeteam GmbH have until June 2, 2008 to register their claims with court-appointed insolvency manager Joachim Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Accio Krankenpflegeteam GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Accio Krankenpflegeteam GmbH Oraniendamm 10-6 13469 Berlin Germany B & B BAUTREUHAND: Claims Registration Ends June 2 -------------------------------------------------- Creditors of B & B Bautreuhand GmbH have until June 2, 2008 to register their claims with court-appointed insolvency manager Dr. Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on June 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Strasse 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Nikolaus Schmidt Magdeburger Strasse 23, D 06112 Halle Germany Tel: 0345/231110 Fax: 0345/2311199 The District Court of Halle-Saalkreis opened bankruptcy proceedings against B & B Bautreuhand GmbH on April 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & B Bautreuhand GmbH Preusserstr. 23 06217 Merseburg Germany Attn: Hans-Gerit Broda, Manager Weidenweg 17 06217 Merseburg Germany BOHA BAU: Claims Registration Period Ends May 28 ------------------------------------------------ Creditors of Boha Bau GmbH have until May 28, 2008, to register their claims with court-appointed insolvency manager Hans- Wilhelm Bauer. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on July 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Regensburg Hall 105 Augustenstr. 5 Regensburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Wilhelm Bauer Emmeramsplatz 6 93047 Regensburg Germany Tel: 0941/29680-46 Fax: 0941/2968045 The District Court of Regensburg opened bankruptcy proceedings against Boha Bau GmbH on May 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Boha Bau GmbH Luckstein 10 93192 Wald Germany BARTL BILDER: Claims Registration Period Ends June 2 ---------------------------------------------------- Creditors of Bartl Bilder GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Hartmut Wiesinger. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on July 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hartmut Wiesinger Gerichtsstr. 12 32791 Lage Germany The District Court of Detmold opened bankruptcy proceedings against Bartl Bilder GmbH on April 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bartl Bilder GmbH Elisabethstr. 39 32756 Detmold Germany Attn: Roland Bartl, Manager Hans-Hinrichs-Str. 54 32756 Detmold Germany BEST OF BASIC: Claims Registration Period Ends June 2 ----------------------------------------------------- Creditors of Best of Basic GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Dr. Volker Viniol. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on June 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Volker Viniol Danneckerstr. 52 70182 Stuttgart Germany Tel: 0711/23 88 90 Fax: 0711/23 88 930 The District Court of Stuttgart opened bankruptcy proceedings against Best of Basic GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Best of Basic GmbH Attn: Johannes Schwake, Manager Zeller Str. 24 70180 Stuttgart Germany BSK GMBH: Claims Registration Period Ends May 27 ------------------------------------------------ Creditors of BSK GmbH IT-Systemhaus have until May 27, 2008, to register their claims with court-appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ludwigshafen am Rhein Meeting Hall 13 Wittelsbachstr. 10 67061 Ludwigshafen am Rhein Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Depre O 4 13-16 68161 Mannheim Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against BSK GmbH IT-Systemhaus on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BSK GmbH IT-Systemhaus Carl-Benz-Strasse 25 67227 Frankenthal Germany BUERO - INFORMATIONSTECHNIK: Claims Period Ends June 2 ------------------------------------------------------ Creditors of Buero - Informationstechnik GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Alfred Koerbitz. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on July 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Alfred Koerbitz Promenadeplatz 09 80333 Muenchen Germany The District Court of Potsdam opened bankruptcy proceedings against Buero - Informationstechnik GmbH on April 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buero - Informationstechnik GmbH Potsdamer Strasse 19 14513 Teltow Germany Attn: Herrn G. Angelo, Manger Seerosenweg 15 14542 Werder Germany CAI WETTSCHERECK: Claims Registration Period Ends June 2 -------------------------------------------------------- Creditors of Cai Wettschereck GmbH Putz- und Stuckarbeiten have until June 2, 2008, to register their claims with court- appointed insolvency manager Michael Foehlisch. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Tostedt Meeting Room I Area CE.02 Linden 23 21255 Tostedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Foehlisch Hamburger Str. 208 22083 Hamburg Germany Tel: 040/27148116 Fax: 040/27148136 The District Court of Tostedt opened bankruptcy proceedings against Cai Wettschereck GmbH Putz- und Stuckarbeiten on April 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cai Wettschereck GmbH Putz- und Stuckarbeiten Vesperweg 13 a 21244 Buchholz Germany DMS MIMM: Claims Registration Period Ends June 2 ------------------------------------------------ Creditors of DMS Mimm und Lauer Verwaltungs-GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Martin Buchheister. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Meeting Hall 252 Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Buchheister Rathausplatz 21-23 58507 Luedenscheid Germany The District Court of Hagen opened bankruptcy proceedings against DMS Mimm und Lauer Verwaltungs-GmbH on April 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DMS Mimm und Lauer Verwaltungs-GmbH Friedrich-Ebert-Str. 275 58566 Kierspe Germany Attn: Hugo Mimm, Manager Koelner Str. 199 58566 Kierspe Germany DNZ CONSULTING: Claims Registration Period Ends June 2 ------------------------------------------------------ Creditors of DNZ Consulting AG have until June 2, 2008, to register their claims with court-appointed insolvency manager Christina Siegert. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on July 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christina Siegert Oskar-von-Miller Ring 34-36 80333 Muenchen Germany Tel: 089-24440930 Fax: 089-244409365 The District Court of Munich opened bankruptcy proceedings against DNZ Consulting AG on April 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DNZ Consulting AG Stefan-George-Ring 23 81929 Muenchen Germany FALKEN STUCK: Claims Registration Ends June 2 --------------------------------------------- Creditors of Falken Stuck GmbH have until June 2, 2008 to register their claims with court-appointed insolvency manager Dr. Stefan Oppermann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on July 15, 2008, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stefan Oppermann Aussere Sulzbacher Strasse 118 90491 Nuremberg Germany The District Court of Nuremberg opened bankruptcy proceedings against Falken Stuck GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Falken Stuck GmbH Attn: Volker Lederer and Willi Proell, Manager Jamnitzer Str. 16 90429 Nuremberg Germany FITBODIES GMBH: Claims Registration Period Ends May 30 ------------------------------------------------------ Creditors of FitBodies GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Lason Gutsche. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Main) Hall 1 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Lason Gutsche Cronstettenstrasse 30 60322 Frankfurt am Main Germany Tel: 069/959110-0 Fax: 069/959110-12 The District Court of Frankfurt (Main) opened bankruptcy proceedings against FitBodies GmbH on May 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FitBodies GmbH Ferdinand-Happ-Strasse 32 60314 Frankfurt (Main) Germany FORM PLUS: Claims Registration Period Ends May 30 ------------------------------------------------- Creditors of Form Plus Werkzeugbau GmbH & Co. KG have until May 30, 2008, to register their claims with court-appointed insolvency manager Uwe Rottler. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Freiburg Hall 1 Holzmarkt 2 79098 Freiburg i.Br. Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Uwe Rottler Wilhelmstr. 1b 79098 Freiburg Germany Tel: 0761/703940 The District Court of Freiburg opened bankruptcy proceedings against Form Plus Werkzeugbau GmbH & Co. KG on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Form Plus Werkzeugbau GmbH & Co. KG Attn: Wendelin Ansel, Manager Ersteiner Str. 17 79346 Endingen Germany FRESENIUS SE: S&P Keeps BB Rating; Revises Outlook to Positive -------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Germany-based health care group Fresenius SE and its subsidiary Fresenius Medical Care AG & Co. KGaA to positive from stable. At the same time, all ratings, including the 'BB' long-term corporate credit ratings, were affirmed. "The outlook revision reflects improved debt protection measures at Fresenius SE and FME," said Standard & Poor's credit analyst Marketa Horkova. "This has been achieved through good cost control and operating efficiency improvements on the back of healthy organic sales growth at all divisions, helped by contributions from acquisitions." For the 12 months to March 31, 2008, Fresenius SE and FME achieved adjusted debt to EBITDA of about 3.1x and 3.4x and adjusted funds from operations to debt of about 20% and 21%, respectively. These ratios compare well with our expectations for the 'BB' rating level of adjusted debt to EBITDA that does not exceed 3.5x and adjusted funds from operations to debt of about 15%-20%. "There is potential for an upgrade in the near term if Fresenius SE and FME demonstrate their ability to sustain adjusted debt to EBITDA of about 3x and adjusted funds from operations to debt in the 20%-25% range," Ms. Horkova added. The ratings could be lowered if financial metrics decline from current levels, which--given the group's operating fundamentals--would be most likely to result from a sizable acquisition. G.U.T. GESELLSCHAFT: Claims Registration Period Ends May 30 ----------------------------------------------------------- Creditors of G.U.T. Gesellschaft zur Nutzung Umweltschonender Technologien Oberbayern mbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Martin Manstein. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Weilheim i.OB Meeting Hall E 007 Waisenhausstr. 5 Weilheim i.OB Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Manstein Prannerstr. 11 80333 Munich Germany Tel: 089/21111500 Fax: 089/21111555 The District Court of Weilheim i.OB opened bankruptcy proceedings against G.U.T. Gesellschaft zur Nutzung Umweltschonender Technologien Oberbayern mbH on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G.U.T. Gesellschaft zur Nutzung Umweltschonender Technologien Oberbayern mbH Muenzstr. 17 86956 Schongau Germany HME GMBH: Claims Registration Period Ends May 30 ------------------------------------------------ Creditors of HME GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Harald Hess. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Erfurt Hall 12 Judicial Center Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Harald Hess Barbarossahof 4-5 99092 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against HME GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HME GmbH Ringstrasse 9 99894 Friedrichroda Germany MEDIA SERVICE: Claims Registration Period Ends May 30 ----------------------------------------------------- Creditors of Media Service Zwei GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Cornelius Nickert. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Villingen-Schwenningen Hall 2/2.OG Niedere Str. 94 78050 Villingen-Schwenningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Cornelius Nickert Zeller Str. 101/107 77654 Offenburg Germany Tel: 0781/932 470 The District Court of Villingen-Schwenningen opened bankruptcy proceedings against Media Service Zwei GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Media Service Zwei GmbH Eichendorffstr. 33 78054 Villingen-Schwenningen Germany MEISTERBETRIEB HOFMANN: Claims Registration Period Ends May 31 -------------------------------------------------------------- Creditors of Meisterbetrieb Hofmann GmbH have until May 31, 2008, to register their claims with court-appointed insolvency manager Matthias Dieckmann. Creditors and other interested parties are encouraged to attend the meeting at 8:15 a.m. on June 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Matthias Dieckmann Gute Anger 11 85356 Freising Germany Tel: 08161/988110 Fax: 08161/82472 The District Court of Landshut opened bankruptcy proceedings against Meisterbetrieb Hofmann GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Meisterbetrieb Hofmann GmbH Hochstr. 65 85395 Wolfersdorf Germany ROTONDA BUSINESS-CLUB: Claims Registration Period Ends May 24 ------------------------------------------------------------- Creditors of Rotonda Business-Club Gastronomie GmbH have until May 24, 2008, to register their claims with court-appointed insolvency manager Dr. Ralf Sinz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ralf Sinz Zeughausstrasse 28-38 50667 Cologne Germany Tel: 9212223 Fax: +492219212221 The District Court of Cologne opened bankruptcy proceedings against Rotonda Business-Club Gastronomie GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rotonda Business-Club Gastronomie GmbH Salierring 32 50677 Cologne Germany SCHNEIDER BAU: Claims Registration Ends June 1 ---------------------------------------------- Creditors of Schneider Bau GmbH have until June 1, 2008 to register their claims with court-appointed insolvency manager Marc Herbert. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Zweibruecken Hall 100 Zweibruecken Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marc Herbert Neikesstr. 3 66111 Saarbruecken Germany Tel: 0681/954 58-0 Fax: 0681/954 58-23 E-mail: sekretariat@ra-embacher.de The District Court of Zweibruecken opened bankruptcy proceedings against Schneider Bau GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schneider Bau GmbH Attn: Ludwig Schneider, Manager Austr. 4 66849 Landstuhl Germany SPIELAUTOMATEN KLEIN: Claims Registration Ends June 1 ----------------------------------------------------- Creditors of Spielautomaten Klein GmbH & Co. Kommanditgesellschaft have until June 1, 2008 to register their claims with court-appointed insolvency manager Dr. Wolfgang Delhaes. Creditors and other interested parties are encouraged to attend the meeting at 10:08 a.m. on June 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 12th Floor Luxemburger Str. 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Delhaes Media Park 6 A 50670 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Spielautomaten Klein GmbH & Co. Kommanditgesellschaft on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spielautomaten Klein GmbH & Co. Kommanditgesellschaft Attn: Klaus Klein, Manager Hoeninger Weg 115 50969 Cologne Germany VTS SCHLAUCHTECHNIK: Claims Registration Ends May 20 ---------------------------------------------------- The court-appointed insolvency manager for VTS - Schlauchtechnik GmbH, Dr. Michael Jaffe will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on May 20, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on July 15, 2008 at the same venue. Creditors have until June 2, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Michael Jaffe Franz-Joseph-Str. 8 80801 Munich Germany Tel: 089/255487-00 Fax: 089/255487-10 The District Court of Munich opened bankruptcy proceedings against VTS - Schlauchtechnik GmbH on April 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VTS - Schlauchtechnik GmbH Attn: Richard Schrank, Manager Muehlweg 3 82054 Sauerlach Germany ============= I R E L A N D ============= AGCERT INTERNATIONAL: Inks Rescue Deal with AES Corporation ----------------------------------------------------------- A rescue package has been drawn up for AgCert International plc under which US-based AES Corp. will take full control of the company, Ian Kehoe writes for the Sunday Business Post. AgCert, whose debts soared to EUR90 million, entered into examinership in February 2008. AES, the Sunday Business Post relates, has agreed to write off about EUR20 million of AgCert's debt under the proposed rescue package. AES also set aside a further EUR7 million to pay off the company's other creditors, who are expected to recover 10% of their claims through a series of payments if the proposed "compromise scheme of arrangement" is approved. Creditors are set to vote on the rescue deal this week, the Post discloses. About AES Corp. AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power company, with 2007 revenues of US$13.6 billion. The company has operations in 29 countries on five continents and has a workforce of 28,000 people. The company's 13 regulated utilities amass annual sales of over 78,000 GWh and its 123 generation facilities have the capacity to generate more than 43,000 megawatts. In Europe, the company has operations in Ukraine, Ireland, Spain, Kazakhstan and Bulgaria, among others. The company also has subsidiaries in Europe that includes the Netherlands and United Kingdom. Aside from China, AES also has operations in India and the Philippines. Latin America operations include Brazil, Argentina and Chile. About AgCert Headquartered in Dublin, Ireland AgCert International plc -- http://www.agcert.com/-- was founded to generate emission reductions from livestock farms to reduce the adverse impacts of greenhouse gas (GHG) emissions related to global warming and climate change. The GHG emission reductions are pooled and sold to industrial emitters, governments, funds and energy traders. C.L.E.A.R. PLC: S&P Lowers and Withdraws Ratings on Notes --------------------------------------------------------- Standard & Poor's Ratings Services has taken credit rating actions on the limited-recourse secured credit-linked variable- rate notes series 31, 33, and 39 (Aramis) issued by C.L.E.A.R. PLC. Specifically: -- Lowered to 'D' and withdrawn the ratings on the existing notes; -- Assigned a 'BBB' rating to the series 31 restructured notes; -- Assigned a 'BBB-' rating to the series 33 restructured notes; and -- Assigned a 'BBB+' rating to the series 39 restructured notes. Following a recent restructuring of C.L.E.A.R.'s series 31, 33, and 39, the coupon on the notes will be reduced for some period. S&P considers this to be a ratings default, since they won't pay interest in accordance with the terms of the notes, and have thus lowered to 'D' and withdrawn our ratings on the notes. The new ratings on the restructured notes reflect the updated terms and conditions of these notes. Under the restructured notes the credit enhancement has improved to sufficiently support the new ratings. These collateral debt obligation transactions reference U.S. residential mortgage-backed securities as well as U.S. CDOs that are exposed to U.S. RMBS. These underlying assets have experienced negative rating actions. The Aramis portfolio is managed by Deerfield Capital Management LLC and IXIS Asset Management. Ratings List Class Ratings To From Rating Lowered And Withdrawn C.L.E.A.R. PLC EUR45 Million Limited-Recourse Secured Credit-Linked Variable- Rate Notes Series 31 (Aramis) D B+ NR D C.L.E.A.R. PLC EUR20 Million Limited-Recourse Secured Credit-Linked Variable- Rate Notes Series 33 (Aramis) D B- NR D C.L.E.A.R. PLC EUR20 Million Limited-Recourse Secured Credit-Linked Variable- Rate Notes Series 39 (Aramis) D B+ NR D Ratings Assigned To Restructured Notes C.L.E.A.R. PLC EUR45 Million Limited-Recourse Secured Credit-Linked Variable- Rate Notes Series 31 (Aramis) BBB C.L.E.A.R. PLC EUR20 Million Limited-Recourse Secured Credit-Linked Variable- Rate Notes Series 33 (Aramis) BBB- C.L.E.A.R. PLC EUR20 Million Limited-Recourse Secured Credit-Linked Variable- Rate Notes Series 39 (Aramis) BBB+ EIRLES TWO : Fitch Junks Ratings on Four Notes Series ----------------------------------------------------- Fitch Ratings has downgraded all classes of Eirles Two Limited Series floating- and variable-rate notes. Eirles Two Limited: -- US$66.5 million Series 101(XS0195542443): downgraded to 'CCC' from 'A'; off RWN -- US$105 million Series 102 (XS0195543094): downgraded to 'CC' from 'BB+'; off RWN -- US$66.5 million Series 103 (XS0195542526): downgraded to 'CC' from 'B'; off RWN -- US$31.5 million Series 104 (XS0195542872): downgraded to 'C' from 'CC'; off RWN Eirles Two Limited is a special purpose vehicle incorporated under the laws of Ireland. The notes have a scheduled maturity date of July 1, 2019, and absorb the credit risk of a credit default swap with Deutsche Bank AG. The credit default swap with Deutsche Bank AG relates to a reference portfolio of asset- backed securities obligations. These series are backed by 'AAA'-rated collateral securities funded by the net proceeds from the issue of the notes. The portfolio is actively managed by Winchester Capital Principal Finance, a subsidiary of Deutsche Bank AG. Fitch's rating action reflects higher loss expectations due to greater-than-expected collateral deterioration in the portfolio. The negative credit migration is primarily attributable to the rapid credit deterioration in subprime residential mortgage- backed securities from the 2004, 2005 and 2006 vintages, as well as considerable exposure to US structured finance CDOs. The portfolio comprises US subprime RMBS (4.3%), Alternative A (Alt-A) mortgage loans (14.4%) and US diversified structured finance CDOs (58.1%). Subprime RMBS of the pre- 2005, 2005 and 2006 vintages account for approximately 2.5%, 1.0% and 0.8% of the portfolio, respectively. As per the latest trustee report dated April 2008, 4.9% of the portfolio is rated 'CCC+' or below and 12.7% of the portfolio is rated 'BB+' or below. This compares to credit enhancement levels of 7.75% for Class A, 4.75% for Class B, 2.85% for Class C, 1.95% for Class D, 7.75% for Series 101, 4.75% for Series 102, 2.85% for Series 103 and 1.95% for Series 104. Currently, 10.7% of the portfolio is on RWN, including 8.4% of US diversified structured finance CDOs where Fitch expects significant migration from the current levels. PALMER SQUARE: Moody's May Further Cut Junk Rating After Review --------------------------------------------------------------- Moody's Investors Service downgraded and left on review for downgrade four classes of notes issued by Palmer Square plc. These rating actions are a response to credit deterioration in the underlying portfolio. The underlying assets of this CDO transaction are predominantly 2004 - 2007 vintage US subprime RMBS (44.0%) and US ABS CDOs (12.3%). Moody's announced on Feb. 4, 2008 that it is revising its expected loss assumptions which are used for surveillance of ratings of ABS CDOs holding subprime RMBS, specifically of the 2006 vintage. Moody's stated that for purposes of monitoring its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS set forth in a recent Moody's Special Report, "Moody's Updates Loss Projections for 2006 Subprime Loans." This report illustrates average loss results for the 2006 quarterly vintages under five distinct loss projection scenarios. Moody's explained that it will utilise the range of loss projections set forth in Scenarios 2 and 3 based on deal performance and quarterly vintage to modify its prior assumptions of the expected loss inputs when monitoring ABS CDO ratings. Moody's will continue to monitor all deals with exposure to US subprime RMBS, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS vintages becomes known. These rating actions are: Palmer Square plc: (1) US$45,000,000 Class A2-A Step-Up Floating Rate Notes due 2045 (currently US$75,000,000 outstanding due to further issuance) -- Current Rating: Aaa, on review for downgrade -- Prior Rating: Aaa (2) US$6,750,000 Class B-1 Deferrable Floating Rate Notes due 2045 (currently US$11,250,000 outstanding due to further issuance) -- Current Rating: Baa1, on review for downgrade -- Prior Rating: Aa2 (3) US$15,000,000 Class C-1Deferrable Floating Rate Notes due 2045 (currently US$25,372,610 outstanding due to further issuance and deferred interest) -- Current Rating: Ba2, on review for downgrade -- Prior Rating: A1 (4) US$7,500,000 Class D-1 Deferrable Floating Rate Notes due 2045 (currently US$12,741,600 outstanding due to further issuance and deferred interest) -- Current Rating: Caa1, on review for downgrade -- Prior Rating: Baa1 ========= I T A L Y ========= SEAT PAGINE: Reports EUR65.3 Million Net Loss for Q1 2008 --------------------------------------------------------- The Seat Pagine Gialle S.p.A.’s Board of Directors, chaired by Chairman Enrico Giliberti, approved the interim report for the period ended March 31, 2008, prepared in accordance with Art. 154-ter of Italy’s Consolidated Law on Finance and presented by Chief Executive Officer Luca Majocchi. Consolidated Results at March 31, 2008 Revenue Performance In the first quarter of 2008, revenues amounted to EUR176.4 million, in line with the previous year. The German group WLW (EUR8.6 million in revenues) was included in the consolidation area. The positive effect of this inclusion was partially offset by the depreciation of the pound sterling against the euro, that caused an 11.3% decrease in revenues of the Thomson Group compared to first quarter 2007 (-5.4% in pounds sterling). Gross of the elimination of transactions among business areas, the breakdown of revenues was: * Italian Directories (SEAT PG): revenues amounted to EUR110.5 million, down 2.0% compared to the same period of the previous year. This result reflects the performance of print products (-1.1%), which was mostly in line with first quarter 2007 and a EUR2.8 million decrease in online revenues (PAGINEGIALLE.it EUR22.3 million), as well as a decrease in advertising sales for the voice channel (89.24.24 Pronto PAGINEGIALLE® and 12.40 Pronto PAGINEBIANCHE EUR10.1 million). These results were an overall confirmation of the results for first quarter 2007, when the above-mentioned products had reported a sharp growth (online +22.7% and voice +62.8%) thanks to the sales strategies implemented. During 2008, the management deemed it appropriate to change such strategies and to concentrate sales activities for solar products in the second half of the year, pending the launch of new online offerings. * UK Directories (Thomson Directories Group): revenues for the first three months of 2008 amounted to EUR16.3 million, down 16% compared to the first quarter of 2007, mainly due to the depreciation of the pound sterling against the euro. In fact, in local currency, revenues were GBP12.3 million (GBP13.0 million in first quarter 2007), down 5.4%. The decrease reflects the sales difficulties experienced in the customer segment needing national coverage, especially financial institutions, which were mostly affected by the credit market crisis; * Directory Assistance (Telegate group and Prontoseat S.r.l.): revenues amounted to EUR42.3 million, down 9.6% compared to first quarter 2007. Revenues of the Telegate group, in particular, dropped 9.8% to EUR39.7 million, mainly due to business performances in Germany and France. Prontoseat Srl revenues remained mostly stable at EUR2.7 million, sustained by traffic volume generated by the 89.24.24 Pronto PAGINEGIALLE® and 12.40 Pronto PAGINEBIANCHE® services; * Other activities (On line Business to Business Directories and other activities on the Italian market): revenues amounted to EUR20.2 million, a sharp increase compared to EUR9.3 million for first quarter 2007, also thanks to the inclusion of the German group WLW in the consolidation area (EUR8.6 million in revenues). The group was consolidated as of October 2007. GOP Performance Gross operating profit was EUR27.4 million for first quarter 2008, up 6.8% compared to the first quarter of 2007 thanks to the lower costs for raw materials and external services, which decreased by 3.5%. This positive effect was only partially offset by the increase in labor costs by EUR1.9 million, due to the inclusion of the German group WLW in the consolidation area. EBITDA Performance Operating income before amortization, depreciation, non- recurring and restructuring costs, net (EBITDA) for the first quarter of 2008 was EUR11.6 million, virtually in line with first quarter 2007. The higher provision to the allowance for doubtful accounts for receivables (which increased by EUR1.5 million compared to first quarter 2007) offset the increase in gross operating profit. Performance of Operating Income (EBIT) Operating income (EBIT) was negative at EUR41.3 million for the first quarter of 2008 (negative at EUR39.7 million for first quarter 2007). This performance reflected the EUR1.3 million increase in operating depreciation and amortization due to significant investments made over the past few years. First Quarter Result Due to the seasonal nature of the business, the result for the period was a loss of EUR65.3 million, an improvement compared to the result for first quarter 2007 (a loss of EUR77.2 million). Operating Cash Flow Performance Operating free cash flow generated in the first quarter of 2008 was EUR129.1 million (+9.1%), up by EUR10.8 million compared to the first quarter of 2007. This result was achieved thanks to payments received, which allowed the company to contain the operating working capital, decreasing it by EUR130.8 million in first quarter 2008 (in first quarter 2007, this item decreased by EUR116.7 million); Net Financial Debt Net financial debt of EUR3,206.1 million at March 31, 2008 (EUR3,274.3 million at Dec. 31, 2007) decreased by EUR68.2 million during the period (EUR62.9 in the first quarter 2007), thanks to the cash flow generated by operations. Main Companies of the Seat Pagine Gialle Group Seat PG S.p.A. The Parent Company SEAT Pagine Gialle S.p.A.’s revenues for the first three months of 2008 amounted to EUR110.5 million, down 2.0% compared to the same period of the previous year. In a difficult market context, the Company mostly confirmed the results achieved in Q1 2007, when revenues had grown sharply (+11.5%) thanks to the strong focus on advertising sales for the online (+22.7%) and voice (+62.8%) products. The performance reported for the first three months of 2008 was also affected by the decision taken to concentrate the sale of online and voice products in the second half of the year, also pending the launch of the new online offerings. In detail: * Print: Revenues amounted to EUR50.4 million, compared to EUR51.0 million in the first quarter 2007, with a substantially stable performance (-1.1%) compared to the previous year. This result was influenced by the positive performance of PAGINEBIANCHE®, also thanks to the to the print and online bundling offer, which provides the customer with increased visibility (PAGINEBIANCHE.it). PAGINEGIALLE®’s revenues instead continued to decrease, though their trend improved compared to the same period of 2007. * Online: PAGINEGIALLE.it’s revenues amounted to EUR22.3 million for the first three months of 2008, down 6.1% compared to the same period of 2007 for the reasons described above. Online orders booked increased compared to the first quarter 2007. * Voice: Revenues amounted to EUR10.1 million, down by EUR1.4 million compared to the first quarter of 2007. This performance resulted from the sales strategies adopted, which favored the shifting of sales to the second half of the year. * Business to Business: Revenues amounted to EUR3.9 million, down 4.0% compared to the first quarter of 2007. This result does not yet take into account the revenues generated by Annuario SEAT (yearbook) and PAGINEGIALLE Professional, whose publication will take place during the coming quarters. These products are already undergoing a commercial revision aimed at highlighting the ever- increasing importance of the online products. * Other products: revenues remained mostly stable at EUR22.5 million compared to the first quarter 2007 (EUR22.4 million). Both direct Marketing products and merchandising performed well. Gross operating profit reached EUR24.4 million in the first quarter of 2008, up 6.7% compared to the first quarter of 2007 (EUR22.8 million), mainly thanks to the containment of the costs for raw materials and external services, which enabled the company to offset the decrease in revenues. EBITDA stood at EUR9.7 million, in line with the previous year (EUR9.8 million in the first quarter 2007). Thomson The group’s revenues for the first three months of 2008 amounted to EUR16.3 million (GBP12.3 million). The sharp reduction compared to Q1 2007 is attributable to the depreciation of the pound sterling against the euro. The decrease was much lower (-5.4%) if the figures are analysed based on the local currency. The fall in revenues was most significant in the segment of customers requiring national coverage, particularly financial institutions, which were most affected by the credit market crisis. Gross operating profit of the Thomson group for the first three months of 2008 decreased by GBP1.1 million, mainly due to the higher costs borne for advertising activities to support the online products. Telegate Revenues of the Telegate group amounted to EUR39.7 million for the first quarter of 2008, a 9.8% decrease compared to the first three months of 2007, mainly attributable to the performance reported in the German and French markets. In Germany, revenues for the first quarter of 2008 dropped by 9.1% compared to the first quarter of 2007 due to the decrease in the number of fixed-line calls. However, the lower number of calls to the 11880-branded service was partially offset by the growth achieved in value-added services and through the multi- channel strategy implemented by the Company, by which the products offered are available both on voice and on the 11880.com portal. The results of the Klicktel portal, which was acquired in April 2008, have not been included in the consolidated results yet. In France, with its 118000 number, Telegate reported decreasing revenues compared to the first quarter of 2007, as a result of the choice made to lower advertising expenses. Despite this situation, during the first quarter of 2008 gross operating profit reached a substantial break-even level. Gross operating profit of the Telegate group amounted to EUR9.6 million, down by EUR1.9 million compared to the same period of the previous year, mainly due to the slowdown experienced in the German market. Europages In the first quarter of 2008, revenues amounted to EUR2.2 million, up by EUR0.5 million compared to the same period of the previous year, thanks to the revenue increase achieved in Italy and France. The year 2008 will also be the first year influenced by the completion of the migration process towards an exclusively online offering and by the use of a proprietary sales network in France, which is currently made up of 50 salespeople. GOP decreased slightly compared to the first quarter 2007 (EUR0.2 million), attributable to the increase in costs incurred to create the new sales networks in France. Wer Liefert Was? Group In the first quarter 2008, revenues amounted to EUR8.6 million, in line with the previous year. Organisational and sales initiatives have been launched with the aim of exploiting existing synergies between the German group and the French subsidiary Europages S.A. Specifically, a dedicated network has been set up and trained for the sale of advertising space on the Europages.com website, in Germany, whose effects on revenues will start to be felt from the coming months. GOP at March 31, 2008 was EUR1.4 million (EUR1.7 million in the same period of 2007) with a 16.3% margin. The slight decrease compared to the first quarter of 2007 was due to the higher costs associated with the sales of EUROPAGES products through WLW, in Germany. Consodata In the first quarter of 2008, revenues amounted to EUR5.7 million, up 26.7% compared to 2007, thanks to the growth reported in both sales channels (SMEs and large advertisers). Specifically, large advertisers welcomed the Company’s decision to focus on the sales of higher-margin products (data content and geomarketing). The growth in revenues positively influenced gross operating profit, which increased by EUR0.9 million compared to the first quarter of 2007 (EUR0.1 million). Outlook Seat is operating in accordance with the new strategic guidelines announced last March. Operations have focused on the print-centred business (print, voice and online), achieving stable evolution of revenues despite the economic slowdown which is also affecting small- and medium-sized enterprises. The main actions carried out to deal with the new market, represented by an “internet only” customer base, are progressing in line with operating plans. The impact of the economic slowdown has been greater than expected, particularly in the B2B segment, so that the most realistic objective will be to maintain revenues stable. The company aims to preserve EBITDA performance in an environment of largely stable revenues and during a phase in which the development of new Internet strategy is not yet contributing to revenue growth. An update on the progress of the new Internet strategy within Italy shall be available during the second half of the year. The progress of foreign operations is in line with expectations and the portfolio of activities will be managed by focussing on the execution of the individual business plans for the various subsidiaries. About Seat Pagine Gialle Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A. -- http://www.seat.it/-- provides a multimedia platform for assisting in the development of business contacts between users and advertisers. The Pagine Gialle directory is published in two versions for home and businesses, PagineGialle Casa and PagineGialle Lavoro. PagineGialle.it is a search engine intended for business searches, while 89.24.24 Pronto PagineGialle is a personalized telephone assistance, which provides users with information regarding train and flight schedules, traffic, weather, public utilities, entertainment and events, cinema, museum and pharmacies. Giallo Dat@ offers services for direct marketing. The company operates abroad through Telegate A.G., a telephone queries and assistance service, providing information on directories in Germany and worldwide, as well as personalized information, such as reservation and online purchasing services, and Thomson Directories Ltd, a local directory publisher in the United Kingdom. * * * As reported in the Troubled Company Reporter-Europe on April 10, 2008, Fitch Ratings affirmed the company’s Long-term Issuer Default rating at 'BB-' (BB minus). The Outlook has been revised to Negative from Stable. TISCALI SPA: Receives Bids from Seven Firms; Drops Carphone ----------------------------------------------------------- Eight interested parties have submitted non-binding offers to acquire the entire operations of Tiscali S.p.A., and its units in Italy and the U.K., various reports say. According to Corriere della Sera, bidders for Tiscali include: * Vodafone Group Plc, * FastWeb S.p.A., * British Sky Broadcasting Group Plc, * Carphone Warehouse Group Plc, * BT Group Plc, * Virgin Media Inc., * Wind Telecomunicazioni S.p.A., and * Telecom Italia S.p.A. Tiscali's board of directors however dropped Carphone from the short list of bidders, The Financial Times reports. Carphone presented a GBP550 million non-binding offer. "We have not considered those who did not realise the industrial value of the group," Mario Rosso, Tiscali's chief executive, explained. Telecom Italia CEO Franco Bernabe, however, told Bloomberg News that that his firm did not submit an offer for Tiscali. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. * * * As reported in the TCR-Europe on Feb. 12, 2008, Standard & Poor's Ratings Services has raised its long-term corporate credit rating to 'B+' from 'B' on Tiscali S.p.A. The one-notch upgrade also applies to S&P's long-term debt ratings on the EUR50 million senior secured term loan and EUR50 million senior secured revolving credit facility taken on by financing vehicle Tiscali U.K. Holdings Ltd. These debt obligations' recovery ratings of respectively '3' (meaningful {50%-70%} recovery in the event of a payment default, given the presence of the EUR400 million bridge facility) and '2' (substantial {70%-90%} recovery in the event of a payment default) remain unchanged and are meaningfully influenced by the impact of the Italian insolvency regime on lenders' recovery prospects. At the same time, S&P removed all of the credit ratings from CreditWatch, where they had been placed with positive implications on Jan. 10, 2008, when they first assigned ratings to Tiscali. The outlook is stable. TISCALI SPA: Reports EUR37.5 Net Loss in 1st Quarter of 2008 ------------------------------------------------------------ Tiscali S.p.A. disclosed on May 12, 2008, results for the first quarter ending March 31, 2008. Net loss for the quarter was EUR37.5 million, compared to EUR42.5 million in the same period of 2007. Consolidated revenue rose to EUR 276.4 million or an increase of 43% compared to EUR193.2 million in 2007 EBITDA was reported at EUR48.3 million, up by 92% against EUR25.2 in 2007. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. * * * As reported in the TCR-Europe on Feb. 12, 2008, Standard & Poor's Ratings Services has raised its long-term corporate credit rating to 'B+' from 'B' on Tiscali S.p.A. The one-notch upgrade also applies to S&P's long-term debt ratings on the EUR50 million senior secured term loan and EUR50 million senior secured revolving credit facility taken on by financing vehicle Tiscali U.K. Holdings Ltd. These debt obligations' recovery ratings of respectively '3' (meaningful {50%-70%} recovery in the event of a payment default, given the presence of the EUR400 million bridge facility) and '2' (substantial {70%-90%} recovery in the event of a payment default) remain unchanged and are meaningfully influenced by the impact of the Italian insolvency regime on lenders' recovery prospects. At the same time, S&P removed all of the credit ratings from CreditWatch, where they had been placed with positive implications on Jan. 10, 2008, when they first assigned ratings to Tiscali. The outlook is stable. TISCALI SPA: Shareholders Appoint New Board of Directors -------------------------------------------------------- The Ordinary Shareholders’ Meeting of Tiscali S.p.A. has appointed the new Board of Directors. The new Board is composed of five members: * Mario Rosso (Chairman and Managing Director), * Massimo Cristofori, * Francesco Bizzarri, * Arnaldo Borghesi (reappointed) and * Umberto De Julio (independent). The shareholders have also mandated Ernst & Young S.p.A. to audit the company's results for financial years 2008-2016. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. * * * As reported in the TCR-Europe on Feb. 12, 2008, Standard & Poor's Ratings Services has raised its long-term corporate credit rating to 'B+' from 'B' on Tiscali S.p.A. The one-notch upgrade also applies to S&P's long-term debt ratings on the EUR50 million senior secured term loan and EUR50 million senior secured revolving credit facility taken on by financing vehicle Tiscali U.K. Holdings Ltd. These debt obligations' recovery ratings of respectively '3' (meaningful {50%-70%} recovery in the event of a payment default, given the presence of the EUR400 million bridge facility) and '2' (substantial {70%-90%} recovery in the event of a payment default) remain unchanged and are meaningfully influenced by the impact of the Italian insolvency regime on lenders' recovery prospects. At the same time, S&P removed all of the credit ratings from CreditWatch, where they had been placed with positive implications on Jan. 10, 2008, when they first assigned ratings to Tiscali. The outlook is stable. =================== K A Z A K H S T A N =================== AES CORP: Kazakhstan Units Get Default Waiver Through June 30 ------------------------------------------------------------- AES Corp. disclosed in a filing with the U.S. Securities and Exchange Commission that Ekibastuz and Maikuben, its Kazakhstan businesses, obtained a debt waiver through June 30, 2008, on a default resulting from failure to meet filing requirement covenants. Total debt under default waived for Ekibastuz was US$1.2 million as of March 31, 2008. For Maikuben it was US$17 million as of March 31, 2008. The company related that it will likely cured the debt covenant default prior to the expiration of the waiver. About AES Corp. AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power company, with 2007 revenues of US$13.6 billion. The company has operations in 29 countries on five continents and has a workforce of 28,000 people. The company's 13 regulated utilities amass annual sales of over 78,000 GWh and its 123 generation facilities have the capacity to generate more than <